In 2023, 512 751 non-financial companies accounted for 99.7% of Portugal's business sector, marking a 4.7% increase compared to 2022. Growth was recorded across several indicators: employment rose by 5.9%, turnover by 3.0%, gross value added (GVA) by 13.6%, and gross operating surplus (GOS) by 13.0%. In 2022, these figures were 5.2%, 24.1%, 18.6% and 24.2% respectively. Large enterprises outperformed SMEs in most economic indicators, except for turnover, where SMEs posted slightly higher growth (4.6% versus 1.1%).
In 2024, the total outstanding value of business loans declined by 1.5% compared to 2023. Nevertheless, the share of SME loans remained at around 80% of all business loans, maintaining the same level as in previous years. The Portuguese financial system experienced an increase in both short-term and long-term loans. Compared to 2023, short-term loans increased by 1.06%, while long-term loans increased by 2.1%. Between 2021 and 2024, the proportion of government-guaranteed loans within the total SME loan portfolio fell from EUR 14.014 billion to EUR 5.88 billion, representing a 58.04% decrease. A further significant 43% decrease occurred between 2023 and 2024. Despite a general upward trend over the past two years, the average interest rate for SME loans fell to 6.8% in 2024, compared to 2023.
Investment in venture and growth capital has been highly volatile over the past 10 years. Investment reached EUR 103 million in 2024, marking a 5.8% increase on the EUR 97 million invested in 2023.
Late payments to SMEs increased by 11.8% in 2024 compared to 2023, rising from an average of 15 days to 17 days. Projections suggest that this trend will continue into 2025. Such delays strain SMEs' cash flow, hindering their growth and sustainability. According to “Intrum's 2025 Report for Portugal”, 35% of businesses reported that late payments are as problematic as they were during the pandemic, while 50% expect payment risks to increase. The payment gap widened across all segments: B2C increased from 9 to 12 days, B2B from 15 to 17 days, while the public sector remained at 15 days.
In terms of bankruptcies, 2024 closed with a 4.9% increase compared to 2023, with 2,299 bankruptcies recorded. This followed an increase of 12% in 2023 (rising from 1928 bankruptcies in 2022 to 2191 in 2023).
In 2024, the European Investment Bank (EIB) Group, comprising the EIB and the European Investment Fund (EIF), reaffirmed its commitment to Portugal by providing EUR 2.1 billion in new financing to support the country’s sustainable economic development. This financing contributed to the mobilisation of approximately EUR 4.9 billion in total investment, corresponding to around 1.7% of Portugal’s GDP. The funds were directed to strategic sectors, particularly to enhance access to finance for SMEs and start-ups. Close to 10 000 Portuguese companies benefited from this support, contributing to the preservation or creation of nearly 230 000 jobs. A significant proportion of the financing was allocated to projects in line with climate action and environmental sustainability goals, as well as to investments in vital public infrastructure, primarily in the health and transport sectors. More than EUR 1.1 billion was dedicated to clean energy initiatives, making a substantial contribution to Portugal's green transition.